Rent during the 8th year is $3072
Step-by-step explanation:
- Step 1: Rent of the apartment = $1600 Given, the rent will go up by 11.5%
⇒ 11.5% of the rent = 11.5/100 × 1600 = $184
- Step 2: Calculate the rise in rent for 8 years
⇒ 184 × 8 = $1472
- Step 3: Calculate the rent during the 8th year
⇒ 1600 + 1472 = $3072
